A NEW online system has
gone live today to streamline a scheme allowing
people to get VAT-free renovations up to the value
of €30,000 on their homes.
Revenue has announced the launch of the new
electronic system to administer the Home Renovation
Incentive for tax-compliant contractors and
homeowners. Revenue chairman, Josephine Feehily said
the scheme would allow legitimate, tax compliant
contractors to "actually undercut rogue traders".
The scheme gives an income tax credit equivalent to
the 13.5 per cent VAT charged on amounts from €4,405
to €30,000 (excl VAT).
Qualifying expenditure is based on repairs,
renovations or improvement works carried out on a
homeowner’s principal private residence.
HRI online allows contractors to enter details of
qualifying works and payments through the Home
Renovation Incentive link on the Revenue On-Line
Service (ROS).
By viewing the qualifying works and payments online,
the homeowner can see that the contractor is a
qualifying contractor and does not need to look for
tax clearance certificates or any other proof of tax
compliance.
Anyone who has had work carried out and paid for
between October 25, 2013 and April 9, 2014 is urged
to contact their contractor who has until May 8,
2014 to enter the details to HRI online.
Revenue today said that the scheme has already been
used by contractors to record qualifying works and
payments.
Revenue stressed that a homeowner won’t be able to
claim the HRI tax credit if the details aren’t on
HRI online.
Revenue chairman Josephine Feehily said: "The
development of an easy to use, online system for
this new scheme is a really important innovation. It
gives compliant contractors and the legitimate trade
a great opportunity to actually undercut rogue
traders.
"The homeowner can look up online the work and
payment details, and early next year will be able to
claim the tax credit online.
"It removes paper from the system, provides
homeowners with assurance that the contractor is
operating within the tax system, gives tax compliant
contractors the opportunity to compete aggressively
with rogue operators and reduces the opportunity for
fraud and tax evasion." The HRI online link can be
found at
www.revenue.ie . |
